That subsidy has now been lessened, which is a good thing of course: subsidies distort markets.
The WTO's director-general, Pascal Lamy, also detects longer-run strategic decisions to distort markets in order to promote national industries.
Bernanke has admitted the Fed may distort markets, particularly Treasuries where it is by and far the largest player.
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Since then, despite a small summer wobble in August when the low seasonal volumes distort markets anyway, the march has been higher.
When designed well, a results-based finance program does not try to pick winners, does not distort markets, and achieves a very high social return per dollar invested.
After spending so much time, energy and breath in the past decade arguing that government subsidies distort markets, now the wealthy, bloated VC community wants its own handouts.
As a general rule, they tend to distort markets and sectors, have unintended consequences down the line at best and immediately at worst, and lock in ways of doing things at the expense of innovation.
The college bubble is not big enough already, and government should continue to distort capital markets towards artificially high levels of college expenditures.
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This will distort the capital markets, and create a new tax loophole.
But since such controls deter future foreign investors and distort domestic financial markets, their long-term costs seem likely to outweigh their short-term benefits.
For years, traders at financial firms were able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense.
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However, military spending is a double-edged sword that can thoroughly distort the behavior of markets even as it is creating millions of jobs, and companies that decide to do business with the Pentagon often come to regret it.
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At present the rich world continues not only to obstruct such imports but to distort Africa's own markets by using them as a dumping ground for their own subsidised farm products.
Government policies shape markets, turn winners into losers and, unfortunately, can distort the invisible hand of the market.
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